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Probable Directions in Texas Law

PUBLICATION: The Review of Litigation

ISSUE: Vol. 20 #2

DATE: Spring 2001

Directors and officers of business corporations and other entities, including universities, churches, and foundations, can be liable for financial injuries they cause while working as directors or officers. They may be sued by: (1) the corporation itself or the corporation's trustee in bankruptcy; (2) other successors to the corporation, including government entities like the Resolution Trust Corporation, the Federal Savings and Loan Insurance Corporation, the Federal Home Loan Bank Board, or the Federal Deposit Insurance Corporation, (3) shareholders in shareholder derivative actions;(4) creditors of the corporation; or (5) other corporations suing in the context of contested takeovers or other-sometimes unusual­ situations. Governments occasionally use criminal laws to attack the conduct of directors and officers.


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